Salaried Employees Can Get Rs 7 Lakh Without Doing Anything From EPFO Account: Find Out How?
We live in the world of information. Digitization of the world has made it sure that data and consequently information, is available at the tip of our fingers. But there is also a phenomenon called asymmetric information. Whenever someone is at a disadvantageous position because of a lack of information, is an example of Asymmetric information.
From time to time, the government launches new schemes for the welfare of normal citizens, but the benefits of such schemes fail to reach the people for whom the scheme was launched in the first place. Such an effective scheme was launched by EPFO. We bring you the details, just so that you don’t miss any benefits.
EPFO member gets free insurance cover of Rs 7 lakh
If you have a PF account in the Employees’ Provident Fund Organization (EPFO), then you are eligible to get the benefit of Rs 7 lakh without doing anything. This facility is availed by EPFO ??members under the Employee Deposit Linked Insurance Scheme (EDLI). In this scheme, a maximum insurance cover of Rs 7 lakh is paid to the nominee.
Notably, people working in private companies also get the benefit of up to Rs 7 lakh for free.
The EDLI scheme can be claimed on behalf of the nominee of the member employee in case of illness, accident, or natural death of the employee. According to recent developments, this cover is also available to the aggrieved family of those employees who has worked in more than one establishment within 12 months immediately before the death.
Further details of the scheme are as follows
To get the benefits from this scheme, the employee does not have to pay any amount. If there is no nomination under the scheme, naturally the coverage will be given to spouse, unmarried daughters, and minor sons of the deceased employee.
For benefits, form 5 IF of insurance cover will also have to be submitted along with the form to be submitted with the employer. The employer will have to verify this form. If the employer is not available, the form should be attested by either the Gazetted Officer, Magistrate, Chairman of the Gram Panchayat, Chairman/Secretary/Member of the Municipality or District Local Board, Postmaster or Sub Postmaster.